Video game maker Take-Two Interactive (NASDAQ:TTWO) is perhaps best known for the “Grand Theft Auto” series. Fans will certainly assert that “Red Dead Redemption” is also in there, but as good as it was—particularly the second one—it’s nowhere near the draw of GTA, as it’s known. But Take-Two got a modest boost in Wednesday afternoon’s trading as analysts looked for “Grand Theft Auto 6” to do what pretty much everyone expects it will, whenever it actually shows up.
Word out of Raymond James says that Take-Two is likely to see “big numbers” ahead as “Grand Theft Auto 6” starts gearing up for release, and actually upgraded the stock just on this. Raymond James hiked its rating from Market Perform to Outperform and added a price target of $170 per share. It calls Take-Two’s likely future “very interesting” and also notes there are reasons to be “incrementally” more optimistic about what’s to come. The biggest sticking point, which is when “Grand Theft Auto 6” will actually emerge, should be settled fairly soon as well.
That’s not out of line; after all, one of the biggest events in gaming—the Game Awards—will hit in December. Geoff Keighley’s big show has become what E3 used to be in June: a major touchstone event in which new trailers are debuted before crowds of (mostly online) onlookers. For “Grand Theft Auto 6” to make an appearance at the Game Awards would make sense. It may not happen—just look at what happened back at Gamescom in August—but there’s an opportunity afoot.
What is the Stock Price Forecast for Take-Two Interactive?
Turning to Wall Street, analysts have a Strong Buy consensus rating on TTWO stock based on 14 Buys and one Hold assigned in the past three months, as indicated by the graphic below. Furthermore, the average TTWO price target of $162.33 per share implies 10.86% upside potential.
